Tides of 20.07.2015
1. Greeks
queued outside banks on Monday as they reopened three weeks after closing to
stop the system collapsing under a flood of withdrawals, the first cautious
sign of a return to normal after a deal to start talks on a new package of
bailout reforms. However capital controls will remain and payments and wire
transfers abroad will still not be possible - a situation which German
Chancellor Angela Merkel said on Sunday was "not a normal life" and
warranted swift negotiations on a new bailout. The stock market will also
remain closed until further notice.
2. In
a top management reshuffle, foreign lender Standard Chartered Bank announced
that Sunil Kaushal (current Regional CEO South Asia and India CEO) will lead
Africa & Middle East region while Ajay Kanwal will head ASEAN & South
Asia region, including India. The global bank has called this "a
simplification of its organisational structure that will improve
accountability, speed up decision making, reduce bureaucracy and play a key
part in delivering the previously announced $1.8 billion of cost savings by the
end of 2017. The Group has also announced a new management team to lead and run
the Group, led by Bill Winters, Group Chief Executive. Both Kaushal and Kanwal,
members of the Group’s Management Team, will assume their new role from October
1, 2015 and will report to Group CEO Bill Winters.
3. Mangalore-based
Corporation Bank is looking to change
the way it does business after a difficult time. Under a revamped strategy the
bank has shed its high-cost deposits and reduced overhead expenses. It is also
trying to make money from the government's financial inclusion schemes.
4. A study conducted by FIS Global, a banking and payments technology consultant, has shown that 84
per cent of bank consumers in India feel that their banks do not meet
expectations. The FIS Consumer Banking PACE Index, conducted with 9,000 banked
consumers in nine countries including 1,000 households in India , indicates the gap between a customer's
key expectations and their bank's current delivery performance against those
parameters. The survey respondents ranked 18 attributes according to their
importance and perceptions of how well banks perform.
